Well, this was unexpected. Earlier today, London-based fashion marketplace Farfetch announced that it was buying American sneaker and streetwear marketplace, Stadium Goods, for a cool $250 million. As a result, Stadium Goods will become a subsidiary of Farfetch, but it will continue to be led by its co-founders.
Of course, this isn't the first time cash has been pumped into the business from an external source. Back in February, Stadium Goods sold a stake to LVMH for an undisclosed amount, which the company put towards growing its physical presence as well as investing in marketing and staffing.
“Myself, Jed and our entire team couldn't be more excited to join the Farfetch family as we enter the next stage in our evolution as a global brand and product offering,” Stadium Goods co-founder and co-CEO, John McPheters, said in a statement. “By leveraging Farfetch's best-in-class cross-border logistics and technology, as well as their luxury prowess, scale and customer base, we will be in a prime position to capitalize on the massive international demand for sneakers and streetwear.”
Since it was founded in 2015, Stadium Goods has grown to become one of the world's leading men's streetwear marketplace's that specialises in new and deadstock products. Let us know what you think of this news down in the comments below, and be sure to keep it locked at The Sole Supplier for the latest and greatest in sneakers!